Reception for Rep. Lamar Smith

1099 Repeal

H.R. 1098

Chinese Counterfeits

The Industry Council for Tangible Assets, Inc. (ICTA)
Website:  ictaonline.org
 
Executive Office
Eloise A. Ullman
Executive Director
Eloise.Ullman@ictaonline.org
PO Box 1365
Severna Park, MD  21146-8365
Telephone: 410-626-7005
FAX 410-626-7007

Industry Affairs Office
Diane A. Piret
Industry Affairs Director
Dapiret@ictaonline.org 
PO Box316
Belle Chasse, LA  70037
Telephone: 504-392-0023
FAX 504-392-0305
 

Gold and Silver Political Action Committee
Cordially invite you to a reception honoring
Congressman Lamar Smith
Republican, 21st Congressional District of Texas
Chairman, House Judiciary Committee
Member, House Homeland Security Committee
Member, House Science Committee

 
Thursday, March 31, 2011
6:30 pm – 7:30 pm
Baltimore Convention Center
1 West Pratt Street, Baltimore, MD 21202
Room 303
 

The Gold and Silver Political Action Committee urges you to support Congressman Lamar Smith (R-TX), the current Chairman of the House Judiciary Committee.  The Judiciary Committee oversees many issues including Patents, Trademarks and Copyrights.  The House Judiciary Committee is key in enforcing regulations to stop the counterfeit coins and holders coming out of China. 

There are a number of other issues the Judiciary Committee oversees that can have a direct or indirect impact on the precious metals and rare coins community.  To learn more, you can visit the Judiciary Committee webpage  http://judiciary.house.gov/about/about.html
 
The reception for Congressman Smith will be held during the Whitman Coin and Expo in Baltimore.  It will be a 45 minute cocktail and hor’doeuvres reception beginning promptly at 6:30 PM in the convention center Room 303, right outside the show bourse floor.   

I expect Congressman Smith will provide a short speech providing his insight on our issues. It is important to have a good turn out to show legislators, like Congressman Smith, that we are a viable industry, and we will be playing a serious role in endorsing and financially supporting legislators in the 2012 elections.
 
Congressman Lamar Smith is extremely important to our industry not only concerning counterfeiting, but many other issues affecting our community.  Bring your personal checks payable to Texans for Lamar Smith 104 Hume Avenue, Alexandria, VA 22301
 
If you are unable to attend the Baltimore Fund Raiser
Financial support for Congressman Lamar Smith from all precious metal and rare coin dealers, collectors and investors is very important.  This being our G&S PAC 1^st fund raiser, it will be monitored by other key legislators and their staffs.
Please make your personal contribution to Congressman Lamar Smith on behalf of the Gold and Silver community using a personal check or credit card to this link: https://secure.piryx.com/donate/6kyKjakM/lamarsmith/goldandsilver.

Another way you can support Congressman Lamar Smith if you are unable to attend the Gold and Silver PAC fundraiser is to print out the attachment and mail it immediately with your personal checks payable to Texans for Lamar Smith and mail to 104 Hume Avenue, Alexandria, VA 22301

Thank you,
Barry Stuppler
Chairman: Gold & Silver Political Action Committee
Barry@goldandsilverpac.org
(818) 592-2800
 
Paid for by Gold and Silver PAC.   Contributions are not deductible as charitable donations for income tax purposes. Federal law requires political committees and individuals to report the name, mailing address, occupation, and name of employer for contributions where aggregate is in excess of $200 in a calendar year. Contributions from corporations and foreign nationals are prohibited.

Industry lobbyist Jimmy Hayes reports:
 
1099 Repeal
 
As you know, the US House of Representatives passed H.R. 4, which repeals the expanded 1099-MISC reporting requirement contained in the new health care reform law.  In the Senate, however, the 1099 repeal effort was delayed (but not derailed) by the Senate’s slow movement on budget issues and the need to pass yet another “extender” to keep the government open.  Also, the Senate attempted to finalize budget issues involving the size of proposed spending cuts.  Repeal of the new 1099 reporting requirement is supposed to be re-scheduled promptly in the Senate; however, in the Senate, “promptly” does not mean quickly.
 
H.R. 1098
 
Rep. Ron Paul (R-TX) has filed H.R. 1098, “The Free Competition in Currency Act of 2011.”  The bill states
(a) In General- Notwithstanding any other provision of law–
(1) no tax may be imposed on (or with respect to the sale, exchange, or other disposition of) any coin, medal, token, or gold, silver, platinum, palladium, or rhodium bullion, whether issued by a State, the United States, a foreign government, or any other person; and
(2) no State may assess any tax or fee on any currency, or any other monetary instrument, which is used in the transaction of interstate commerce or commerce with a foreign country, and which is subject to the enjoyment of legal tender status under article I, section 10 of the United States Constitution.
 
Of course, H.R. 1098 would be very beneficial for our industry, if passed.  Realistically, however, most Members and observers believe the goals of H.R. 1098 are too ambitious for passage in the House, much less in the Senate.  That being said, Rep. Paul’s efforts may serve as an impetus for other industry-supported tax issues favorable to rare coins and precious metals. 
 
Chinese Counterfeits
 
There likely will be hearings scheduled by the House Financial Services Committee to address, among other topics, the issue of Chinese counterfeit coins entering our marketplace.  These hearings could lay the groundwork for a new focus on this issue by the house Judiciary Committee, chaired by Rep. Lamar Smith (R-TX), the guest at the March 31 G&SPAC event in Baltimore (see above).  No dates have been set for these hearings, but CERT lobbyist Jimmy Hayes and ICTA staff will keep everyone posted